Forex

EURUSD-Following a fresh all time high at 1.5274 registered on Monday, the pair was seen consolidating on Tuesday and weakening in early morning trading today. This is coming on the back of an overbought condition currently seen on the daily time frame. In a bid to unwind the said condition, the pair could be seen weakening further towards the 1.5145 level, its 1.272 Fib Ext followed by the 1.5000 level, its psycho level and then the 1.4955/67 zone, its horizontal trendline/ Feb 02’08/2007 highs. This solid support zone looks to halt further slide if seen and turn the pair high again. On the upside, the 1.5274 level, its all time peak printed on Monday will come in as the first target with a decisive penetration of there opening the door for additional gains targeting the 1.5372 level, which marks its 1.618 Fib Ext. before the 1.5400 level, its psycho resistance level.The weekly RSI and Stochastics are positive and trending higher supporting more strength. On the whole, while the pair looks to pullback from its recent run to the upside, its medium and longer term uptrend remain intact.

Support Comments
1.5145 1.272 Fib Ext
1.5000 Psycho Level
1.4955/67 Feb 01’08 high/2007 Peak
1.4751/52 Nov 09’07/Dec 11’07 highs

Resistance Comments
1.5274 2008 Peak
1.5372 1.618 Fib Ext
1.5400 Psycho Level
1.5500 Psycho Level